What is Theta Network

The Theta Network uses an open-source protocol created primarily to decentralise streaming services. The unique architecture of the Theta Network blockchain allows it to build decentralised app layers that serve specific functions such as peer-to-peer streaming, live sports broadcasts, education, conferencing, television and movies, and more.

Theta utilises a modified proof of stake (PoS) consensus mechanism known as multi-level Byzantine fault tolerance (BFT). There are two cryptocurrencies on the Theta network: THETA, which governs the network by validating transactions, and the TFUEL token, which is used to power microtransactions and operations.

A Brief History of Theta Network

In November of 2017, Theta token and the blockchain debuted on Medium. Co-founded by Mitch Liu and Jieyi Long, Theta token sales began in January 2018 as an ERC20 token on Ethereum. In March of 2019, Theta Network launched its own mainnet 1.0. The total token supply of Theta tokens is 1 billion. At the mainnet launch, each ERC20 Theta token holder received native Theta tokens on the new blockchain in a 1:1 ratio. On the native blockchain, the supply of Theta is similarly set at 1 billion, implying that no new Theta tokens will ever generate.

ZMT Capital USA, RootsCap China, Origin Group, ONEBOAT CAPITAL are a few of the top investors of Theta Network. Well-known people have contributed to the project. Google, Sony, Samsung, and Binance are among the companies that operate Enterprise Validator Nodes. Meanwhile, Theta has strategic alliances with Metro Goldwyn Mayer, Lionsgate, NASA, Fail Army, and the World Poker Tour.

With the advent of Theta's peer-to-peer ‘EdgeCast’ technology in their mainnet 2.0, they expanded the capability of the Theta Edge Node Network. This completely decentralised technological stack provides the capacity to record live video, transcode it in a real-time cache, and relay live stream video data to users worldwide. The project claims to have created an edge network managed by thousands of community members, with no central servers or services.

The release of Theta's Mainnet 3.0 took place in July 2021. Theta added smart contract capability, and the initiative intends to enhance platform user engagement and retention greatly. For example, leveraging smart contracts on the Theta network might allow entirely digital object ownership, creative payment-consumption models, transparent royalty distributions, trustless crowdfunding mechanisms. Mainnet 3.0 will add an extra layer of social and economic engagement to the primary functioning of video and data distribution.

How Theta Network Works

Theta Network is a proof of stake (PoS) blockchain that Theta Labs determined would best suit a video streaming network's transaction throughput, storage consumption, and quick consensus needs. The Theta blockchain also has a multi-level Byzantine fault tolerance (BFT) mechanism that seeks to offer the same network security as Bitcoin or Ethereum while validating many more transactions per second.

Theta is a network that has three distinct types of participants:

Enterprise Validator Nodes: Businesses that stake THETA tokens in return for the ability to perform network transactions. Google and Samsung are two of the existing Validator Nodes.

Guardian Nodes: Users who conduct work to guarantee the accuracy of the transaction blocks presented by the Enterprise Validator Nodes.

Edge Node: A user who, in relay for TFUEL, shares their bandwidth or relays video feeds across the Theta network.

What is Theta Network Used for

Theta aims to encourage a worldwide network of computers to run a decentralised video streaming platform. Content delivery networks (CDNs), geographically distributed operators, are now compensated to provide end-user video stream content.

Developers may construct decentralised applications on top of the Theta Network's blockchain. Applications for royalty distribution and crowdfunding mechanisms are two examples.

Theta has also built a micropayment system for video streaming that enables content viewers and creators to send and receive THETA using the official wallet app.

The Theta Network price page is part of the Crypto.com Price Index that features price history, price ticker, market cap, and live charts for the top cryptocurrencies.